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What is the value of work-in-process inventory on january 31

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Question - Luke's Lubricants starts business on January 1. The following operations data are available for January for the one lubricant it produces.

Gallons

Beginning inventory 0

Started in January 157,000

Ending work-in-process inventory (70% complete) 19,000

Costs incurred in January follow.

Materials $160,775

Labor 27,000

Manufacturing overhead 77,000

All production at Luke's is sold as it is produced (there are no finished goods inventories).

Required -

a. Compute cost of goods sold for January. (Do not round intermediate calculations.)

b. What is the value of work-in-process inventory on January 31?

Reference no: EM133170461

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